Auditors’ report notes staffing and governance issues at ECB arm

ECB: initial estimates of SSM's staffing needs did not fully anticipate how much supervisor's workload would grow

The European Central Bank's supervisory arm has several problems with its governance and staffing, a report by the European Court of Auditors (ECA) says.

The single supervisory mechanism (SSM) has suffered from "inadequate" staffing levels and an overburdened board since its establishment in November 2014, the ECA report says. Initial estimates of the SSM's staffing needs did not fully anticipate how much the supervisor's workload would grow, although this should have been "easily foreseeable".

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